Bubblemaps: The PIPPIN token is suspected of market manipulation, involving a fund scale of over 115 million USD

According to Bubblemaps monitoring, there are suspected market manipulation activities involving the PIPPIN token.

Data shows that 50 associated wallets purchased PIPPIN tokens worth $19 million, and these wallets exhibit clear coordinated characteristics: they received similar amounts of SOL tokens at close times, and there were no prior on-chain activity records.

Additionally, 26 addresses withdrew 44% of the PIPPIN tokens from CEX within two months, valued at approximately $96 million. Most of the withdrawal operations were concentrated on October 24 and November 23, and the related wallets are mostly newly created accounts.

Bubblemaps indicates that based on the analysis of time points, amounts of funds, and financing patterns, there are suspicions of coordinated operations among these wallet activities.